Textbook Problem

Prepare journal entries for each of the following:

1.        a.            Issued a check to establish a petty cash fund of $1,000.
2.       b.            The amount of cash in the petty cash fund is $315. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $600, and miscellaneous selling expense, $56. Record any missing funds in the cash short and over account.